The Nation's Financial Condition

[Brooklyn]

US economy shrinks 4.8% in Q1

Worst quarter since 2008 and it's just the tip of the iceberg. Trump's poor response to the virus is 100% to blame.

https://www.cnn.com/2020/04/29/economy/ ... index.html




Thank you tRUMP.

100%?

Can't agree with you on 100%.

Big part, yes, but we were going to have a lot of pain no matter what Trump did in response.

Did he make it much worse? You betcha. But it was going to hurt no matter what.

tRUMP took 100% credit for improving the economy even though it is strictly attributable to Obama. Yet, buffoon-in-chief fails to take any responsbility for the virus crisis even though the fault is plainly his. With him, it's all or nothing. If he can impose those standards on everyone else, then we have the same right to throw it all back in his face.

Recall that under the previous administration whether it be on the old LP forum or anywhere else, if the economy faultered in any way the response was "thank you Obama".

If gas prices went up it was "thank you Obama".

If the national debt went up it was "thank you Obama".

If there was a domestic mass murder or terrorist attack in Europe it was "thank you Obama".

Some even said re the Katrina disaster "thank you Obama" nothwithstanding the fact that he was not in the White House at that time.



Let's always apply a uniform standard. Turning the other cheek does not work in the world of politics or anywhere else except in fairy tales. If one side can make all manner of attribution to one party, then the other side can counter with equal force and equal justification. That's how it works in the real world.

[MDlaxfan76]

Yeah, that's apparently what makes me a moderate.

Reality is all I need, not hyperbole. In the real world.

Of course, I quite agree with you about Trump.

[a fan]

What I find absolutely classic PB is that he asks us to read an article that he clearly hasn't correctly deciphered himself.

He and his fellow mathematically challenged have managed to convince themselves that New York State just can't make ends meet without the largesse of people living in rural Kentucky sending them money.

Do you REALLY need to do any math whatsoever to realize how stupid that idea is?

[Peter Brown]

Presumably you can read, and as such, would you read this piece and then come back and forever swear off the idiotic 'blue states pay for red states' nonsense?

https://www.washingtonexaminer.com/opin ... -they-work

The Leftist yo-yo brain trust want to confuse everyone about social security and medicare payments versus state grants. New Yorkers get much more in federal grants per capita than Floridians do — $3,350 to $1,350. If New Yorkers stayed in NY rather than decamping to FL, the social security and medicare imbalance would swing right back too.

Great news. So if this is what you think, call their bluff.

1. pass a balanced budget amendment where a State can only get .90 for every dollar they contribute to the Federal government in taxes
2. pass a balanced budget amendment that forces Federal taxes to rise with spending.


What YOU think will happen is that Florida will thrive, and New York will suffer.


Great. So do it. Nothing would make me happier. This would cut through all the nonsense.

Of course, you and your Republican buddies would NEVER sign up for this, because it would be game over for flyover America. Any idiot with a passing understanding of how a calculator works knows this.

So pretty please, with sugar on top.....pass the amendments. We won't have to read about McConnell bragging about pulling in a billion dollars of handouts for the State of Kentucky in one single freaking year.

Red states once tried to secede and you wouldn't let them. You actually think the red states would object if you offered again, this time peacefully?

[Peter Brown]

Another brutally sad day for resident Democrats here who want the stock market to tank.

If you pray harder, maybe tomorrow will be a rout!

[a fan]

Red states once tried to secede and you wouldn't let them. You actually think the red states would object if you offered again, this time peacefully?

No, i don't think the CITIZENS of the red States would object. Because like you, they have no earthly idea where all the money that keeps the lights on come from....

Their Congressional reps do. They know EXACTLY what keeps their States in business. Petey STILL thinks it's an "accident" that Federal Republicans keep borrowing more and more money, and sending handouts to their base year after year, decade after decade. "Whoops, we made government bigger than ever. Gee whiz golly! How did that happen?"

Hey Pete: how much bigger is the Federal Government under Trump?? "whoops, he accidentally made the Federal government twice the size it was under Obama".

Poor Pete. He doesn't like the scoreboard. He can't dance around the numbers.

[cradleandshoot]

What I find absolutely classic PB is that he asks us to read an article that he clearly hasn't correctly deciphered himself.

He and his fellow mathematically challenged have managed to convince themselves that New York State just can't make ends meet without the largesse of people living in rural Kentucky sending them money.

Do you REALLY need to do any math whatsoever to realize how stupid that idea is?

The only thing I understand about NYS, if they find money anywhere, even under a rock they will spend it as fast as they can.

[Peter Brown]

Red states once tried to secede and you wouldn't let them. You actually think the red states would object if you offered again, this time peacefully?

No, i don't think the CITIZENS of the red States would object. Because like you, they have no earthly idea where all the money that keeps the lights on come from....

Their Congressional reps do. They know EXACTLY what keeps their States in business. Petey STILL thinks it's an "accident" that Federal Republicans keep borrowing more and more money, and sending handouts to their base year after year, decade after decade. "Whoops, we made government bigger than ever. Gee whiz golly! How did that happen?"

Hey Pete: how much bigger is the Federal Government under Trump?? "whoops, he accidentally made the Federal government twice the size it was under Obama".

Poor Pete. He doesn't like the scoreboard. He can't dance around the numbers.

Believe me you, if the US allowed the red states to secede, we would and not blink. Then, we would come and grab the blue states as our prize!

[a fan]

And what would you buy the Red States with? Hope and prayers? Confederate dollars?

Best of luck with that....

[Typical Lax Dad]

[Peter Brown]

You Dems ever get tired of losing? You have de Blasio, Stacey Abrams, Hunter Biden, and the geeky media. That's a really sad squad.

Even Hopkins got sick of losing and switched out their coach. Friggin' Hopkins, one of sports saddest franchises, located in a war zone, kept alive only by their daddy, Mike Bloomberg.

Now look at the Republicans: the economy roaring back, states reopening, stocks up, overall happiness, love of America, Ron DeSantis, Cocaine Mitch, Nikki Haley, Neil Gorsuch, Bobby Knight!!! That's a winning look!!!

I mean, c'mon Dems!! Change direction and begin to embrace American exceptionalism, fly the American flag, stand for the Bill of Rights, demand lower and flatter tax rates!

[CU77]

And what would you buy the Red States with?

I think you meant blue states …

Anyway, by all means lets have the blue states secede. I've been wishing for a West Coast secession for many years. We'll take our high-tech and entertainment and finance industries, and the nuke-armed subs at Bangor for MAD protection, and keep our money, thank you very much!!!

Point made recently by Rachel Bitecofer, political big-data analyst and prognosticator extraordinaire:

"I feel like @realDonaldTrump doesn't appreciate the position he's in. His only hope for economic recovery lies in the blue states, which are the economic work horses of the country. Hurting them only further hinders his own reelection hopes."

https://twitter.com/RachelBitecofer/sta ... 9232791553

[CU88]

BREAKING: Over 30 million Americans have now applied for unemployment in the past six weeks.

Another 3.8 million applied last week.

[RedFromMI]

BREAKING: Over 30 million Americans have now applied for unemployment in the past six weeks.

Another 3.8 million applied last week.

But the market is just doing fine...

[Peter Brown]

BREAKING: Over 30 million Americans have now applied for unemployment in the past six weeks.

Another 3.8 million applied last week.

But the market is just doing fine...

I'm unclear what it is you are complaining about.

It's Democrats demanding we shut down everything, and by that, I mean EVERYTHING.

https://www.cnn.com/travel/article/cali ... index.html

Closing states causes unemployment. Unemployed people can not feed their families. Yet Democrats delay even relief checks for those temporarily unemployed:

https://siouxcityjournal.com/marc-a-thi ... a5cda.html

[RedFromMI]

BREAKING: Over 30 million Americans have now applied for unemployment in the past six weeks.

Another 3.8 million applied last week.

But the market is just doing fine...

I'm unclear what it is you are complaining about.

It's Democrats demanding we shut down everything, and by that, I mean EVERYTHING.

https://www.cnn.com/travel/article/cali ... index.html

Closing states causes unemployment. Unemployed people can not feed their families. Yet Democrats delay even relief checks for those temporarily unemployed:

https://siouxcityjournal.com/marc-a-thi ... a5cda.html

It is the current administration who dawdled and still after many weeks cannot get a meaningful coordination effort going. States with R leaders are opening some services - and completely ignoring the WH task force markers for when to do so.

That delay in action at the federal level - and the continuing screwups have gotten us 60K to 100K (official vs. likely) deaths. South Korea yesterday had zero cases. First case around the same time...

But those shutdowns have saved lives. Absent them and you would be looking at a couple to few hundred thousand deaths at this point.

Oh - the rather optimistic UW group projections are for over 72K (official) deaths in the first wave. Does not predict the second or subsequent ones (not built for that).

So yes closed states cause unemployment. But save lives (and a lot of them).

[RedFromMI]

New on up at Bloomberg:

The U.S. Needs Way More Than a Bailout to Recover From Covid-19

Shore up the markets, sure, but don’t stop there. It’s time for Congress and the White House to do things that have been unthinkable since JFK’s moonshot. It’s time to go big.
By Barry Ritholtz

https://www.bloomberg.com/news/features ... oronavirus

Calling for a public-private mass partnership to create new jobs. Some examples - Climate remediation, sustainable energy, infrastructure, smart roads, digitized health care, asteroid mining

[MDlaxfan76]

New on up at Bloomberg:

The U.S. Needs Way More Than a Bailout to Recover From Covid-19

Shore up the markets, sure, but don’t stop there. It’s time for Congress and the White House to do things that have been unthinkable since JFK’s moonshot. It’s time to go big.
By Barry Ritholtz

https://www.bloomberg.com/news/features ... oronavirus

Calling for a public-private mass partnership to create new jobs. Some examples - Climate remediation, sustainable energy, infrastructure, smart roads, digitized health care, asteroid mining

asteroid mining?...guess I need to read the article, but that one seems a little 'out there'...

[RedFromMI]

New on up at Bloomberg:

The U.S. Needs Way More Than a Bailout to Recover From Covid-19

Shore up the markets, sure, but don’t stop there. It’s time for Congress and the White House to do things that have been unthinkable since JFK’s moonshot. It’s time to go big.
By Barry Ritholtz

https://www.bloomberg.com/news/features ... oronavirus

Calling for a public-private mass partnership to create new jobs. Some examples - Climate remediation, sustainable energy, infrastructure, smart roads, digitized health care, asteroid mining

asteroid mining?...guess I need to read the article, but that one seems a little 'out there'...

I thought so as well. And any effort would likely be all automated without astronauts because of the time scales and distances involved. Not sure we are at the point where we are desperate for mineral resources anyway.

[CU88]

If we add up all of the initial claims filed since the coronavirus recession began, more than 30 million people — or nearly 19% of the total U.S. labor force — have filed for unemployment claims over the past month and a half.

NEARLY 20% OF US LABOR FORCE IS UNEMPLOYED!

No single week prior to March 21 had ever seen even 1 million initial claims since 1967, the earliest year that data is available from the Federal Reserve.

MAGA